As per the “Vision Statement for the Textile Sector” made by the India Cotton Mills' Federation in August 2004, an investment of Rs. 140,000 crore for the textile sector is required by 2010 towards machinery.
Against this requirement, the investment made by the textile industry, based on the indigenous demand of the textile machinery is estimated to be Rs.74640 crore up to 31.8.2006.
Domestic companies have accelerated the pace of investment in the textile sector in the recent years in tandem with favourable schemes and policy measures introduced by Government.
The pace of investment is also increasing subsequent to quota phase out and industry is, therefore, expected to easily reach the targeted investment of Rs. 1,40,000 crore by 2010.
This information was given by the Minister of State for Textiles, Shri E.V.K.S. Elangovan, in a written reply to a question by Shri Sanjay Rout, in Rajya Sabha.
Press Information Bureau Government of India
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